The initial public offer (IPO) of state-owned General Insurance Corporation of India was oversubscribed 1.06 times so far on the last day of bidding today.

GIC Re’s Rs 11,370-crore IPO received bids for 13,21,40,816 shares against the total issue size of 12,47,00,000 shares, as per NSE data available till 1.30 pm. Till yesterday the IPO was subscribed 90 per cent.

The reinsurance company has fixed the price band at Rs 855-912 for its IPO. The issue comprises fresh issue of 1,72,00,000 shares by the corporation and an offer for sale of 10,75,00,000 shares by the promoter.

The company proposes to utilise the proceeds towards augmenting the capital base to support business growth and to maintain current solvency levels as also for general corporate purposes.

Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital were the book running lead managers to the offer. Shares of General Insurance Corporation of India are proposed to be listed on the NSE and the BSE.